The Pakistan federal government announced an allocation of Rs 180 billion for projects being constructed under the China-Pakistan Economic Corridor (CPEC).

Finance Minister Ishaq Dar, who presented the Rs 4,757 billion budget on Friday, announced several CPEC projects during his speech in parliament. He told the National Assembly that the development of Gwadar city in Baluchistan province was “fundamental to development of China-Pakistan Economic Corridor”.

Rs231 billion were already spent on the mega-corridor project; out of which Rs160b were spent on construction of roads and bridges under CPEC Finance Minister Ishaq Dar.

5000 million for acquisition of land for Railway Container Yard, Station and Railway line from Sea Port up to Coastal Highway at Gwadar, Rs 50 million for China Pakistan Economic Corridor (CPEC) Support Project at Ministry of Railways, Rs 82 million for Comprehensive Feasibility Study for Upgradation, Rehabilitation of Mainline 1 and New Dry Port at Havelian (Balder) District Haripur under China-Pakistan Economic Corridor (CPEC), Rs 113.198 million for construction of staff quarters, Rs 814 million for doubling of tract from Khanewal to Raiwind, Rs 123.921 million for doubling and improvement of existing tract from Port Qasim to Bin Qasim Station.

Rail link from Havelian to the Pakistan-China border (682 km) under CPEC, Rs 198 million for feasibility study for upgradation and extension of ML-III in connection with CPEC, Rs 7596.761 million for procurement and manufacture of 830 high capacity bogle freight wagons and 250 passenger coaches, Rs 432 million for rehabilitation and upgradation of ML-I including acquisition of land for new Dry Port at Buldhair, district Haripur (CPEC) and Rs 737 million for upgradation.

Minister for Planning, Development and Reforms Ahsan Iqbal said, China Pakistan Economic Corridor (CPEC), is game changer for the Pakistan. Talking to reporters outside the Parliament House, Iqbal said that CPEC is a gateway for the whole region, including China, Central Asia and South Asia. He said that the whole nation is united for completion of CEPC and we will make it successful for the region. Government has presented pro people budget in the history of the country adding that budget 2017-18 provides relief to all sectors of the country.

With Pakistan’s economy crossing the $300 billion mark for the first time in history earlier this month, the country’s GDP growth rate was driven to 5.28%, which is the first time it has breached the 5% mark in 10 years.

The International Monetary Fund projects Pakistan’s GDP growth rate at around 6% in the next fiscal year thanks to CPEC being in motion. With foreign reserves standing at $21 billion, tax collection has grown 81% in the past four years. With nearly all of Pakistan’s economy sectors continuing to soar, the industrial sector has risen 9% in the current fiscal year, while the services sector has increased by 5.9%. Other sectors, such as livestock, forestry and fishing, has been also on the rise with growth rates of 3.43%, 14.49% and 1.23%, respectively.

“Pakistan would be “one of the largest economies by 2020,” Muhammad Ishaq Dar said, “The world’s credit institutions are predicting that Pakistan would join the G-20 by 2030.”

International ratings agencies are predicting a bright future for Pakistan, as agencies such as Standard & Poor’s, Moody’s, and Fitch have unanimously raised their positive ratings for Pakistan over the last few months. In fact, the Pakistan Stock Exchange has performed the best in Asia and the fifth in the world in the current fiscal year. U.S.-based Morgan Stanley Capital International (MSCI) reclassified Pakistan as an emerging market, with the economy expected to generate inflows of investments in the range of $200 million to $500 million.

In addition to Pakistan foreign investments, which are only beginning to enter the world as an emerging market, increasing expenditures by two times in any of the sectors already deserves praise. And in the case of CPEC, a whopping $150 billion in foreign investments is expected to flow into Pakistan in the coming years, according to last year’s summit of top government leaders and investors.